Best Third Party Risk Management Software for Your Business

What if your organization could significantly reduce third-party risk and streamline compliance with the right third-party risk management software?

We tested different software based on their ability to adapt to new trends like AI, their track record of delivering results, and their use of innovative strategies like real-time monitoring and data-driven decision-making.

This article examines the 10 best third-party risk management software. We’ll explore their core benefits and the criteria to consider when selecting tools that fit your organization’s risk profile and operational needs. 

What is Third-Party Risk Management Software?

Third-party risk management software is a tech platform that helps organizations spot, assess, and tackle risks tied to their vendors, suppliers, or business partners. With the number and variety of third-party networks rising, it’s becoming a real headache for companies. 

Especially since 40% of compliance leaders report that between 11% and 40% of their third parties are high-risk.

That’s why many organizations are rethinking their governance and moving towards more centralized or federated models to monitor these risks more closely. 

Benefits of Third-Party Risk Management Software

Third-party risk management software offers a range of benefits, including stronger security measures, accelerated vendor onboarding, more efficient risk assessments, and better data visibility. Let’s explore additional benefits in detail.

Optimizing vendor onboarding 

Modern TPRM platforms standardize vendor onboarding with pre-configured risk assessments and centralized processes. 

Your organization can quickly qualify new vendors while also reducing manual overhead. With real-time reporting and audit capabilities, you will be ready for internal or external reviews and ensure that every vendor complies with your risk criteria.

Consolidating data for better decision-making

Accurate, centralized data is the cornerstone of good risk management. TPRM systems aggregate information from multiple sources into a single, reliable database, enabling the identification of vulnerabilities across your vendor network. 

This unified data environment facilitates precise risk analysis and allows decision-makers to act on accurate, up-to-date information.

Enhances strategic risk insights

TPRM software transforms risk management into a proactive, data-driven process by providing a comprehensive, real-time view of third-party risks. 

Rather than dealing with fragmented insights, companies can systematically evaluate risk metrics and adjust their strategies to align with business objectives and risk tolerance.

Reinforcing compliance with regulatory standards

There is an increase in regulatory scrutiny under frameworks like GDPR, CCPA, and HIPAA. So, continuous oversight of vendor performance is the need of the hour. 

TPRM software ensures that your organization complies with these standards and builds a resilient framework that minimizes exposure to security breaches and legal liabilities.

Criteria for Selecting Risk Management Software

If you’re ready to explore the benefits of risk management software, it’s time to start your evaluation. Here are some simple criteria to help you choose the right option:

1. Prioritize user experience

No one likes a clunky tool. Hence, the first thing on your list to look for in a TPRM solution is a user-friendly interface. 

Check for intuitive navigation, clean dashboards, tutorials or built-in guides. A quick onboarding process can make adoption smoother and reduce your team's time figuring things out.

2. Customizable

Every organization is unique, and so are its risks. Your software should adapt to your structure, not the other way around. Look for features like customizable fields to sort risks by categories (regions, teams, or risk types).

For example, a good TPRM should allow you to map risks based on geographical locations—perfect for global companies managing region-specific compliance regulations. Plus, it should align with your preferred risk framework, whether ISO 31000, COSO, or another model.

3. Flexible integration

Because silos are so yesterday, your risk management software should not operate in isolation. Look for the convenience of linking it to your ERP or CRM, automatically pulling data to analyze supplier risks or customer concerns.

4. Count the cost

Price matters, but it’s about value, not just cost. Compare upfront fees, subscription plans, and hidden charges for add-ons or support. But remember: the priciest software is not always the best fit.

Look at case studies or testimonials to gauge whether the software delivers ROI for companies in your industry.

5. Training and support

Even the most advanced software is only as good as those using it. Look for vendors offering robust training resources like online tutorials, user forums, or even live support. A software provider that invests in helping your team succeed is worth its weight in gold.

The Best Third-party Risk Management Software at a Glance

Here is a summary of the top 10 third-party risk management companies, their best use cases, standout features, and pricing. You can review and compare the options to find the one that aligns with your needs.

Top 10 Third Party Risk Management Software 

Here are the top 10 third-party risk management software that improves TPRM:

1. ComplyScore® by Atlas Systems

ComplyScore® by Atlas Systems is a reliable third-party management software for companies that rely on external vendors and partners. 

Initially developed and refined through Atlas Systems’ extensive global experience, ComplyScore uses AI to deliver a comprehensive, proactive approach to risk and compliance management.

It offers specific insights into vendor vulnerabilities. ComplyScore offers a thorough framework that pinpoints gaps within existing security infrastructure and suggests targeted measures to mitigate these risks. 

In short, the platform helps teams align operations with domestic and international standards, reducing the likelihood of costly compliance breaches. 

Best for

This solution is particularly effective for businesses handling complex vendor ecosystems, such as financial institutions, healthcare organizations, or enterprises heavily regulated by compliance standards.

Standout features

• Custom risk profiles: We assess each vendor based on your industry's requirements and your specific needs.
• Proactive risk mitigation: ComplyScore helps you identify vulnerabilities before they become headaches. It combines automation, advanced analytics, and AI to adapt continuously to detect new threats and recommend appropriate defenses.
• Pinpoint vulnerabilities: Businesses can pinpoint vulnerabilities early and decide on vendor relationships.

Notable clients

Multinational Pharmaceutical Companies, Bosch, Dell, Hyundai, Thomson Reuters, and Verizon Wireless.

Customer reviews

Pricing

Atlas Systems offers pricing that depends on the scale and complexity of your vendor risk management needs. It’s best to contact our team directly for detailed plans and tailored pricing.

2. AuditBoard

AuditBoard’s third-party risk management software is designed to simplify and improve organizations' management of vendor risks. This platform offers tools to visualize, assess, and mitigate risks while streamlining third-party evaluation and onboarding processes.

Best for

AuditBoard’s TPRM software is one of the best third-party risk management companies with extensive vendor ecosystems. It is best for compliance, audit, and risk teams.

It’s particularly well-suited for companies that aim to integrate automation and AI into their risk management workflows.

Standout features

• AI-powered assessments: The platform uses AI to handle vendor questionnaires, saving time and reducing manual effort.
• Risk prioritization: It automatically helps you focus on the vendors that matter most by assigning risk scores.
• Centralized management: All vendor details, action plans, and updates are stored in one place, so you’re never scrambling for information.
• Real-time monitoring: You get regular updates and notifications about changes in vendor risks, so nothing slips through the cracks.

Notable clients

Lennar, Edgewell, Uber, Humana, and Revlon.

Customer reviews

Pricing

AuditBoard’s pricing is customized to fit the size and complexity of your third-party risk management needs. If you're curious about how it works for your organization, you can request a demo or consultation.

3. UpGuard

UpGuard is a powerful third-party risk and attack surface management platform designed to provide organizations complete visibility into their cyber risk landscape. 

It provides tools for instant vendor insights, automated risk assessments, and smooth workflows. Rated #1 on G2 and trusted by thousands of security teams globally, it is a go-to solution for organizations seeking strong cybersecurity measures.

Best for

UpGuard is ideal for:

• Security teams managing multiple vendors who require real-time risk data
• Companies prioritizing automation and scalability in vendor risk assessments
• Businesses looking for smooth integration and guided workflows to monitor their attack surface

Standout features

• Real-time security ratings: Up-to-date vendor security posture with industry-leading ratings refreshed multiple times daily.
• Automated assessments: Saves time by automating vendor questionnaires and generating insights from existing compliance reports.
• Guided risk workflows: Offers step-by-step instructions for creating complete 360-degree vendor assessments.

Notable clients

Taylor Fry, ALI Group, Wesley Mission Queensland, iDeals, and Brightcove

Customer reviews

Pricing

UpGuard offers a seven-day free trial to explore its features and capabilities. For long-term use, pricing is customized based on your company’s size, the scope of vendor management, and specific requirements.

4. MetricStream

MetricStream’s third-party risk management software helps businesses monitor vendor risks, whether they’re related to compliance, financial health, or security vulnerabilities. 

The solution helps organizations to centralize all vendor information, such as products or services, bank details, contracts, and certifications while providing an intuitive intake process and continuous risk monitoring. 

It allows you to swiftly search for and compare third parties and even invite them to update their data, saving time and reducing manual effort. 

Also, you can automate the risk evaluation process for every engagement so that vulnerabilities are detected and addressed before onboarding. In addition, alerts from reputable external sources can be integrated to validate third-party data, adding an extra layer of security. 

Best for

MetricStream is ideal for:

• Businesses juggling a lot of vendors or suppliers and who need better risk visibility
• Companies who aim to improve onboarding and compliance checks for third and fourth-party relationships.

Standout features

• Live risk monitoring: You can see vendor risks in real time, such as compliance gaps or security red flags.
• Faster onboarding: Cut onboarding time by up to 80% with automated workflows and easy-to-use portals.
• AI-driven issue management: Identify and address vendor issues with AI tools that classify and recommend actions.
• Trusted data sources: Use data from platforms like Dow Jones and BitSight to assess vendor risk more accurately.

Notable clients

Glencore, ABS, ATB Financial, Sabadell, and Capricorn Group.

Customer reviews

Pricing

Pricing depends on your business size, the number of vendors, and the complexity of your risk management needs.

5. ProcessUnity

ProcessUnity’s third-party risk management platform helps businesses simplify and strengthen vendor risk management. It automates the entire third-party risk lifecycle, from onboarding vendors to continuously monitoring their performance. 

They have features like AI-driven tools, integration capabilities, and access to a massive library of validated assessments.

Best for

ProcessUnity is best for companies managing large portfolios of third-party vendors and businesses seeking to automate risk processes and reduce manual effort.

Standout features

• End-to-end automation: Automates onboarding, monitoring, and assessments to streamline vendor risk management.
• Global risk exchange: Access a library of 15,000+ validated third-party assessments for quicker insights.
• AI-powered tools: Improve efficiency with AI tools that help identify, manage, and predict risks effectively.
• Integrated data management: Unify risk data across systems to eliminate silos and improve collaboration.

Notable clients

ICON, Abercombie & Fitch Co, Live Nation Entertainment, Vystar Credit Union and federal Home Loan Bank of Topeka.

Customer reviews

Pricing

ProcessUnity offers tailored pricing based on your business needs and the scope of vendor risk management required. 

6. Venminder

Venminder simplifies third-party risk management by providing a comprehensive platform. Venminder stands out with its Vendiligence™ solution. It provides in-depth control assessments on your vendors across critical areas like information security, data protection, cybersecurity, and their financial health. 

The thorough risk assessments help you understand your vendor’s readiness and compliance standards, enabling better decisions and effective risk mitigation. They’re a solution you can rely on to maintain strong, secure vendor relationships.

Over 1,200 organizations trust them, and it combines automation, risk intelligence, and expert assessments to help businesses with their vendor management process.

Best for

Companies who seek an end-to-end vendor management solution and teams looking to outsource risk assessments and save time on manual processes.

Standout features

• Lifecycle management: Manage vendor relationships seamlessly from onboarding to offboarding.
• Automated risk assessments: Leverage over 30,000 risk-rated assessments annually, reducing manual effort.
• Continuous monitoring: Track vendor risks, including cybersecurity, financial health, and ESG compliance.
• Customizable questionnaires: Build and manage detailed vendor questionnaires for in-depth risk analysis.

Notable clients

Flushing Bank, Doane University Partners,  and Common Wealth Central Credit Union 

Customer reviews

Pricing

Venminder uses customized pricing based on your organization's size and risk management needs.

7. LogicGate

LogicGate’s Risk Cloud® is a centralized platform designed to help mitigate third-party risks. You can quickly identify, summarize, and mitigate critical vendors and risks using Risk Cloud’s OpenAI integration, which helps streamline your processes. Heatmaps, letter grades, and risk scores immediately clarify third-party risks. 

To add even more depth, you can pull in third-party risk intelligence from providers like Black Kite and RiskRecon or due diligence data from solutions like Vital4, all within the same platform. 

Best for

Teams need out-of-the-box tools to align with industry standards like SIG, NIST CSF, and CAIQ.

Standout features

• Risk management: Heatmaps, letter grades, and risk scores provide clear insights into critical risks.
• Automated workflows: Automate vendor onboarding, reassessments, and offboarding with Slack and Microsoft 365 integrations.
• Third-Party Risk quantification: Use Monte Carlo simulations to quantify financial impacts and strengthen stakeholder buy-in.
• Built-in standards: Access pre-built questionnaires aligned to SIG, NIST CSF, and CAIQ for industry compliance.

Notable clients

Horizon Media, Dignity, Texas Mutual, Ziff Davis and Team Select.

Customer reviews

Pricing

LogicGate offers tailored pricing based on the needs of your organization. 

8. Diligent

Diligent’s third-party risk management software helps businesses manage vendor relationships and reduce risks. Diligent stands out by providing access to best practice templates designed with input from industry thought leaders, helping you create reports that offer boards, committees, and executives clear and consistent insights into risk. 

With these templates, you can avoid starting from scratch and streamline your reporting process. 

But what sets Diligent apart is its use of secure, private, generative AI. This cutting-edge technology takes risk management to the next level by using public data insights for GRC and ESG.

Best for

Companies need a straightforward way to manage vendor risks with the help of secure, private, generative AI.

Standout features

• Clear risk insights: Provides real-time updates and detailed reports to help you make better decisions.
• Smart automation: Speeds up tasks like renewals, approvals, and risk assessments.
• Custom risk models: Tailors risk assessments to fit your unique business needs.

Notable clients

UnitingCare, Coca-Cola Bottlers Business Services, Sony Seimens, and Mercy.

Customer reviews

Pricing

Diligent offers pricing customized to your organization’s specific needs. You can request a demo to see how the platform works and get a tailored quote.

9. Prevalent

Prevalent is designed to make life easier for procurement teams by cutting costs, reducing complexity, and minimizing the risks of choosing and managing vendors. 

Let’s say you’re handling multiple RFPs and RFIs, Prevalent’s RFx Essentials tool brings everything into one place. This means you can easily distribute, compare, and manage all your requests without juggling different systems.

Best for

Procurement teams who want to cut down costs and streamline risks.

Standout features

• Unified risk management: Combines vendor onboarding, assessments, and threat monitoring into a single platform for seamless operations.
• AI-powered insights: Uses advanced AI to analyze and correlate vendor risk data efficiently.
• Vendor risk intelligence network: Provides instant access to risk insights for over 10,000 vendors from 500,000+ sources.
• Custom workflows: Offers flexible, customizable workflows to adapt to unique needs.

Notable clients

Pfizer, Allianz, Circle K, MUFG, and TESCO.

Customer reviews

Pricing

Prevalent offers customized pricing based on your organization's needs.

10. Camms

Camms, now part of Riskonnect, offers a third-party risk management platform designed to streamline vendor management, improve visibility, and mitigate risks. 

Camms is highly configurable, meaning you don’t have to fit your processes into a rigid system. Instead, you can start with their out-of-the-box templates and forms, already designed with best practices in mind. 

When you customize these templates to match your specific requirements, it makes the whole process seamless and tailored.

Another great feature is the mobile app. With Camms’ mobile app, your staff can conduct vendor risk assessments and check supplier performance anytime, anywhere. This flexibility ensures that risk management stays efficient and up-to-date, no matter where your team members are.

Best for

If your team is often on the move or needs to conduct vendor risk assessments and monitor supplier performance from various locations.

Standout features

• Consolidated vendor management: Centralizes vendor data and risk assessments for a complete view of third-party risks.
• Automation: Automates vendor onboarding, reassessments, and offboarding for improved efficiency.
• Real-time risk monitoring: Tracks vendor performance and detects vulnerabilities promptly to mitigate risks.
• Compliance simplification: Provides detailed audit trails and reporting tools to demonstrate regulatory compliance.

Notable clients

Ashurst, Gardners Books, 7-Eleven, First Canadian Insurance Corporation, and the City of Melbourne.

Customer reviews

Pricing

Camms offers flexible pricing based on the scale of your vendor network and specific risk management needs.

Why atlas systems is the right partner for your third-party risk management?

Relying on third-party vendors is essential but comes with its share of risks. That’s where Atlas Systems makes things manageable, efficient, and secure. 

Instead of juggling spreadsheets or outdated tools, a platform like ComplyScore® simplifies and optimizes every step of vendor risk management.

Here’s how Atlas Systems makes a difference:

• Everything in one place: With Atlas, all your vendor contracts, risk assessments, and compliance data are centralized. This gives you a clear and organized view of what matters most.
• Tailored to your needs: Every business and its risks are different. Atlas lets you customize workflows and assessments to align your processes with your unique goals.
• Smart risk insights: Using AI, Atlas digs deep into vendor profiles, uncovering potential vulnerabilities so you can take proactive steps before issues arise.
• Guidance you can trust: With decades of expertise, Atlas brings real-world experience, helping you implement strategies that work, not just theory.

For example, a leading U.S. bank struggling to manage its growing vendor base turned to Atlas. With a tailored version of ComplyScore®, they transformed their workflows, achieved compliance, and gained operational efficiency in record time.

When you partner with Atlas Systems, you gain a team committed to helping you build stronger vendor relationships.

Ready to simplify your third-party risk management? Let’s start the conversation today.

FAQs About Third Party Risk Management Software

1. Is third-party risk management software easy to use?

That depends on the software you choose and the complexity of your vendor network. Many platforms offer user-friendly interfaces and customizable features to match your organization’s needs.

2. Can third-party risk management software be used for small businesses?

Yes. TPRM software is also a valuable tool for small businesses. It identifies and addresses risks from third-party vendors without overwhelming resources.

3. How can third-party risk management software improve vendor relationship management?

TPRM software simplifies vendor management by centralizing risk assessments and monitoring. It helps you stay alert in addressing potential issues and improves vendor communication.

4. Can third-party risk management software automate vendor risk assessments?

Yes, many TPRM tools automate key steps in the risk assessment process. These platforms save time and reduce manual errors from data collection to analyzing vendor details.

5. Can third-party risk management software integrate with other tools?

Yes, most TPRM solutions integrate with little to no hassle with other tools like procurement systems, GRC platforms, and security assessment tools. 

6. How much does third-party risk management software cost?

Costs vary widely depending on the features you need and the scale of your operations. It’s best to contact providers for tailored pricing based on your requirements.